How to Apply Royal Society Entrepreneur in Residence (EiR) program 2024

June 22, 2024

The Royal Society Entrepreneur in Residence program is a vital initiative that bridges the gap between academia and industry, fostering a culture of innovation and entrepreneurship within universities. By providing mentorship, guidance, and support, the program helps researchers and students turn their ideas into viable commercial ventures, driving economic growth and societal advancement.

The success stories and broader impact of the program highlight its importance and provide a model for similar initiatives worldwide. Continued investment and expansion of the EiR program can ensure that it remains a cornerstone of innovation and entrepreneurship in the academic community.

Royal Society Entrepreneur in Residence

The Royal Society Entrepreneur in Residence (EiR) program is a prestigious initiative aimed at fostering innovation and entrepreneurship within the academic community in the United Kingdom.

This program bridges the gap between academia and industry by embedding experienced entrepreneurs within universities to inspire and guide researchers, students, and staff in commercializing their scientific and technological discoveries.

The Royal Society Entrepreneur in Residence (EiR) scheme, part of the Science, Industry and Translation programme, aims to increase the knowledge and awareness in UK universities of cutting edge industrial science, research and innovation.

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Benefit

The EiR awards are for two years. The value of the scheme is up to a maximum of £25,000 per year (including VAT where applicable), and is expected to cover the following:

Salary equivalent to 0.2 FTE of the award holder’s current salary to spend 20% of their working time at the host. The EiR’s basic salary only will be paid during the secondment; the EiR’s employer will continue to pay national insurance and pension contributions
Travel and project costs for award holder to travel to and from their host, and accommodation if required. Project costs to help deliver the aims of the project plan can also be included, as can conference attendance, meeting workshops and training

Objectives of the Royal Society Entrepreneur in Residence Program

The EiR program has several key objectives:

Expose university staff and students to state-of-the-art industrial research and development, and the scientific challenges faced by industry
Provide support and expert advice aimed at promoting innovation and the translation of research by universities
Grow confidence in and understanding of business and entrepreneurship among staff and students
Provide career recognition to the award holders, and support their professional development

Other Contributions

Promoting Innovation: One of the primary goals is to stimulate innovation by exposing academic researchers to entrepreneurial thinking and practices.
Bridging Academia and Industry: The program aims to create a conduit between academic research and commercial application, facilitating knowledge transfer and collaboration.
Mentorship and Guidance: Entrepreneurs in Residence provide mentorship and guidance to students, researchers, and staff, helping them navigate the challenges of commercializing their research.
Fostering a Culture of Entrepreneurship: By embedding entrepreneurs within academic institutions, the program seeks to cultivate a culture of entrepreneurship and enterprise within the university setting.
Enhancing Economic Impact: The ultimate aim is to enhance the economic impact of academic research by turning innovative ideas into viable commercial ventures.

Impact of the Entrepreneur in Residence Program

The impact of the EiR program can be observed at multiple levels:

Individual Level: Researchers, students, and staff benefit from the expertise and guidance of experienced entrepreneurs. They gain valuable insights into the commercialization process, from idea generation to market entry, and develop the skills needed to succeed in the entrepreneurial world.
Institutional Level: Academic institutions benefit from enhanced collaboration with industry, increased commercialization of research, and a stronger culture of innovation and entrepreneurship. The presence of an Entrepreneur in Residence can also attract additional funding and partnerships.
Economic and Societal Level: By turning academic research into viable commercial ventures, the program contributes to economic growth and societal advancement. Innovations emerging from universities can lead to the creation of new products, services, and industries, driving job creation and improving quality of life.